Laxmi Dental IPO opens on Monday: GMP, issue details, 10 key things to know
- Laxmi Dental IPO, backed by OrbiMed, opens for subscription on January 13 with a price band of ₹407-428. The company offers a variety of dental products and operates six manufacturing plants. It aims to reduce debt and invest in new equipment with the IPO funds.
Orbimed-backed Laxmi Dental IPO opens for subscription on Monday, January 13. Laxmi Dental IPO opens for subscription on tomorrow (Wednesday, October 18). The company offers a diverse array of dental products and is recognized as India's only comprehensive provider of integrated dental products as of September 2024, according to the F&S Report.
Their product range includes custom-designed crowns and bridges, popular dental items such as clear aligners, thermoforming sheets, and various products associated with aligners as part of their aligner solutions, in addition to offerings for pediatric dental care. The company manufactures its dental products across six facilities, covering a total area of 147,029.63 square feet.
As of September 30, 2024, the company operates six manufacturing plants: three located in Mira Road, Mumbai, two in Boisar, and one in Kochi, in addition to five support facilities situated in Mumbai, Delhi, Bengaluru, and Ahmedabad. As of September 30, 2024, the company's dental network comprises over 22,000 clinics and dentists spread across more than 320 cities throughout the country.
The company enjoys a strong presence in both domestic and global markets, exporting to over 90 nations. According to the red herring prospectus (RHP), the company's publicly traded competitor is Poly Medicure Ltd, which has a P/E ratio of 94.02.
Here are the 10 key things to know about Laxmi Dental IPO
Laxmi Dental IPO date: The issue opens for subscription on Monday, January 13, and closes on Wednesday, January 15.
Laxmi Dental IPO price band: The issue's price band has been fixed in the range of ₹407 to ₹428 per equity share of face value of ₹2.
Laxmi Dental IPO lot size: The IPO lot size is 33 equity shares and in multiples of 33 equity shares thereafter.
Anchor investors: The allocation to anchor investors for Laxmi Dental IPO is scheduled to take place today (Friday, January 10).
Laxmi Dental IPO details: Laxmi Dental's IPO includes the issuance of new equity shares worth ₹138 crore, in addition to an offer-for-sale of 1.3 crore shares valued at ₹560.05 crore from existing shareholders, which include promoters Rajesh Vrajlal Khakhar, Sameer Kamlesh Merchant, and the investor OrbiMed Asia II Mauritius.
The company has reduced the fresh issuance amount from ₹150 crore and increased the offer-for-sale portion from 1.28 crore equity shares as mentioned in the DRHP. Global investment firm OrbiMed Asia II Mauritius will be offering 1.16 crore equity shares in this issue, representing 88.8% of the total offer-for-sale amount, up from the 1.14 crore shares indicated in the earlier draft documents.
Laxmi Dental IPO objective: Laxmi Dental plans to utilize the funds from the new issuance to reduce debt, invest in new equipment, and support various corporate functions.
Laxmi Dental IPO listing date and allotment details: On Thursday, January 16, the Laxmi Dental IPO basis for share allocation is expected to be finalised. On Friday, January 17, the company will begin refunds, and the shares will be credited to the allottees' demat accounts the same day after the refund. On Monday, January 20, Laxmi Dental share price is likely to be listed on the BSE and NSE.
Lead Manager and Registrar of Laxmi Dental IPO: Nuvama Wealth Management Limited, Motilal Oswal Investment Advisors Limited, and SBI Capital Markets Limited serve as the book running lead managers for the Laxmi Dental IPO, whereas Link Intime India Private Ltd functions as the registrar for the offering.
Laxmi Dental IPO reservation: The company has reserved not less than 75% of the shares in the public issue for qualified institutional buyers (QIB), not more than 15% for non-institutional Institutional Investors (NII), and not more than 10% of the offer is reserved for retail investors.
Laxmi Dental IPO GMP today: Laxmi Dental IPO GMP today or grey market premium is +165. This indicates Laxmi Dental share price were trading at a premium of ₹165 in the grey market on Tuesday, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Laxmi Dental share price was indicated at ₹593 apiece, which is 38.55% higher than the IPO price of ₹428.
Grey market activity over the prior three sessions indicates that today's IPO GMP is positive and anticipates a successful listing. According to experts on investorgain.com, the lowest GMP is ₹155, and the maximum is ₹165.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
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